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- 1 Enjin has broken down below the consolidation level and may hit the next support
- 2 Technical indicators of ENJ are favoring a downside trend.It has seen a drop of 3% in BTC pair
Enjin is a cryptocurrency focused on the gaming industry which was created in 2017.The Enjin cryptocurrency, also known as ENJ, is built on the Ethereum blockchain and is used as a means of exchange for virtual goods within their gaming ecosystem. Enjin has created a platform called the Enjin Network, which allows game developers to create and manage their own virtual goods, such as weapons, armor, and other in-game items. These virtual goods are then backed by Enjin coins, which can be traded on cryptocurrency exchanges or used to purchase other virtual goods.Enjin Network has gained popularity among game developers due to its ease of use and ability to integrate with popular gaming platforms such as Minecraft, Unity, and Unreal Engine. Enjin has an ROI of 1687% which can grow in the future. Enjin has a supply of 1 Billion which is currently circulating in the market.
Enjin has a market cap of $432 Million and is ranked 89th in the cryptoverse.Volume of the asset price has seen a gain of 26% in the intraday session.Volume to market cap ratio of ENJ suggests a consolidated trend in price.
Will ENJ Price See A Rebound Soon?
The weekly technical chart of ENJ suggests a consolidated trend in price.It has been in a downside trend for a long time and may hit the new low.On the daily chart it is trading near the value of $0.43 with a slight drop in intraday session.Resistance of the ENJ can be seen near $0.8.Meanwhile the support of the asset price can be seen near $0.25.It is trading above the 50 and 100 Daily Moving Average.There can be a positive crossover in the future which can push the price to a new high
RSI of the ENJ is currently near 44.25 suggesting its presence in the neutral zone. It is a downside zone which can push the asset price to a new low.
Conclusion
Enjin is currently observing a downside trend and can hit the next support in future. Various analysts are expecting a strong growth in price in the future.
Technical Levels
Major Support:$0.2
Major Resistance:$0.8
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
